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Long Run Exploration Ltd Closes Previously Announced Property Acquisition in Core Areas

Wednesday, 16 Oct 2013 05:50pm EDT 

Long Run Exploration Ltd announced that the closing of the previously announced acquisition of properties and associated infrastructure (the Acquisition) in the Company's core areas of Edmonton and Peace River. The focus of the Acquisition was on the consolidation of acreage, facilities, and key infrastructure in the Redwater area. In addition, the Acquisition adds approximately 100 Viking locations to Long Run's existing inventory. The asset at Snipe Lake adds a legacy, low-decline, light oil property with key infrastructure complementary to our Montney oil operations at Girouxville. Total consideration for the Acquisition was approximately $51 million and is subject to final closing adjustments. As a result of the Acquisition, Long Run anticipates 2013 net capital expenditures to be $326 million. The Acquisition was funded within Long Run's existing bank facility. 

Company Quote

26 May 2015